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Thinking of having children? Plan ahead

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Plan "B"

Ka-keung and June hope to win a prize by shooting a family video and entering it in a contest. However, June behaves critically during the shooting and upsets Ka-keung. He complains June didn’t follow his advice in making good planning in having their child. It leads to a fight…

If you are about to become a parent, congratulations! Having a baby is an exciting and special event. You should, however, be fully prepared financially for the new arrival. Here are some practical tips to follow:

Review your budget

Talk about finances with your partner

Tell each other about your own financial situation and that of your family. Be honest about it. This will help you make good decisions and plan an accurate budget.

Create a budget and plan to save

Make a budget based on your assets and income. Work out, for example, how much you can afford to spend on childcare each month. Can you save extra for the children, or your retirement?

Make a list of expenses

This should include essential and repeat spending such as water, electricity and gas. Also, non-essential and one-off costs like holidays, entertaining or home appliances. This way you can prioritise your spending when you make a budget to include childcare.